UK hotel group Four Pillars has been purchased by Deutsche Bank property investment vehicle RREEF.
Four Pillars, which runs five hotels in Oxfordshire and Gloucestershire, is believed to have fetched around £121m, according to local media reports.
RREEF plans to set up a joint venture with Four Pillars founders Brian Murtagh and Charles Holmes to identify and build more hotels to be operated under the Four Pillars brand.
“This is a wonderful opportunity for Four Pillars Hotels to grow its portfolio and develop its employees at all levels,” Holmes says.
“We welcome RREEF as our new partner and look forward to working closely together to create one of the leading UK provincial hotel groups.”
By Elizabeth Clifford-Marsh